Fortnightly - ESGhttp://www.fortnightly.com/tags/esg
enThe Importance of Being Sustainablehttp://www.fortnightly.com/fortnightly/2012/06/importance-being-sustainable
<div class="field field-name-field-import-deck field-type-text-long field-label-inline clearfix"><div class="field-label">Deck:&nbsp;</div><div class="field-items"><div class="field-item even"><p>Doing the right thing can drive utility stock performance.</p>
</div></div></div><div class="field field-name-field-import-byline field-type-text-long field-label-inline clearfix"><div class="field-label">Byline:&nbsp;</div><div class="field-items"><div class="field-item even"><p>Richard Rudden and Kyle Rudden</p>
</div></div></div><div class="field field-name-field-import-bio field-type-text-long field-label-inline clearfix"><div class="field-label">Author Bio:&nbsp;</div><div class="field-items"><div class="field-item even"><p><a href="mailto:rrudden@targetrockadvisors.com"><b>Richard J. Rudden</b></a> is CEO, co-founder, and partner at Target Rock Advisors in Hauppauge, N.Y. He also founded R.J. Rudden Associates, which became part of Black &amp; Veatch in 2005. <a href="mailto:krudden@targetrockadvisors.com"><b>Kyle P. Rudden</b></a> is co-founder and partner at Target Rock Advisors. Previously he was head of J.P. Morgan’s U.S. energy and utilities equity research team.</p>
</div></div></div><div class="field field-name-field-import-volume field-type-node-reference field-label-inline clearfix"><div class="field-label">Magazine Volume:&nbsp;</div><div class="field-items"><div class="field-item even">Fortnightly - June 2012</div></div></div><div class="field field-name-field-import-image field-type-image field-label-above"><div class="field-label">Image:&nbsp;</div><div class="field-items"><div class="field-item even"><img src="http://www.fortnightly.com/sites/default/files/article_images/1206/images/1206-FEA3-fig1.jpg" width="2052" height="973" alt="" /></div><div class="field-item odd"><img src="http://www.fortnightly.com/sites/default/files/article_images/1206/images/1206-FEA3-fig2.jpg" width="1024" height="1126" alt="" /></div><div class="field-item even"><img src="http://www.fortnightly.com/sites/default/files/article_images/1206/images/1206-FEA3-fig3.jpg" width="1026" height="1354" alt="" /></div><div class="field-item odd"><img src="http://www.fortnightly.com/sites/default/files/article_images/1206/images/1206-FEA3-fig4.jpg" width="2058" height="1351" alt="" /></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Not unlike Oscars Wilde’s play, <i>The Importance of Being Earnest</i>, in which British Victorians came to grips with internal conflicts of honesty, morality, and purity of principle, the idea of sustainability and socially responsible investing evokes self-examination and reassessment of strongly held beliefs.</p>
<p>Those Victorians turned to well-intentioned rules to guide them on matters of right and wrong. And during their milieu, Victorians accomplished great things across the globe, though not without a few royal hiccups.</p>
<p>Today, more than a century later, the socially responsible investment (SRI) community is likewise well-intentioned, striving to invest only in companies that do the right thing and are sustainable. And like the Victorians, the SRI community also engages in values-based decision-making on a global scale. However, the values on which those investments are made aren’t necessarily shared among all investors. And, neither are the investments made necessarily more profitable than those made by traditional investors.</p>
<p>Fulfilling the mandate to be both socially responsible and produce attractive total returns is quite challenging. A big part of that challenge involves SRI investment criteria that are frequently too strict and cripple the range of investment opportunities. Not that social investment criteria are wrong in any way—they are, after all, inspired by the social good—it’s just that they’re difficult masters. As a real-world consequence, energy utility companies are nearly always screened out of SRI portfolios because of preconceived notions about the utility industry. This <i>prima facie</i>, exclusionary behavior isn’t particularly helpful in encouraging utilities to improve sustainable performance and limits potentially attractive SRI opportunities in the half a trillion-dollar U.S. utility equities markets.</p>
<h4>The Importance of Being Nuanced</h4>
<p>Sustainability and SRI are joined at the hip, but aren’t identical conjoined twins. Understanding the relationship between sustainability and SRI provides deeper insight into SRI decision making and expands the universe of investment opportunities. For example, relaxing the absolutely-no-nuclear screen typically found in many SRI funds in favor of a more nuanced screen—that recognizes both the benefits and costs of nuclear technology and discerns distinctions among design, seismic and vintage risk factors—would no doubt result in including certain highly sustainable utilities with excellent long-term total returns. Such nuanced understandings and sector-informed screens represent a win-win for both SRIs and utilities. That would lead to an expanded set of SRI opportunities, where utilities are more appreciated as sustainable investments, with the concomitant benefits of higher stock market profiles, enhanced analyst coverage, a broadened investor base with longer-term investment horizons and potentially improved stock performance. With SRI assets under management rapidly approaching $9 trillion sometime around 2015,<sup>1</sup> SRI fund managers already are seeking new investment opportunities.</p>
<h4>The Triple Bottom Line</h4>
<p>Sustainability can be defined as the capacity to endure. It reflects the state or condition of an entity that enables it to thrive into the future in a socio-economically and environmentally responsible way.</p>
<p>To be sustainable an entity must maintain a balance of economic, environmental, and social considerations in its planning and operations. These three elements comprise the triple bottom line (TBL), which ultimately forms the foundation for SRI.</p>
<p>In the purest sense, sustainable and socially responsible investing considers all three of the TBL factors—not just one or two, as do many SRI funds. For example ESG funds, as the acronym implies, focus only on environmental, social and governance factors, while ignoring economic considerations. But when the full range of TBL factors are considered, moral absolutes are relaxed and time and attention are given to informed, sector-specific analytics, many utilities that would otherwise be screened out by more traditional SRI criteria may qualify as sound sustainable, socially responsible investments.</p>
<h4>A Sustainability Continuum</h4>
<p>Of course, U.S. utilities reside along a continuum of economically viable and socially responsible organizations. Some excel consistently in all three TBL dimensions, while others haven’t yet adopted the corporate cultures and behaviors necessary to drive sustainable performance. Others may do exceedingly well in one or two areas, but come up short in overall sustainability performance due to other negative factors. Still other utilities either excel or under-perform due to legacy circumstances over which they have little or no control. These might include local natural resources (<i>e.g.,</i> hydro, geothermal), state regulation, proximity to fossil fuel sources (<i>e.g.,</i> natural gas and coal) and similar factors that were either beneficial or adverse from the outset of their organizational histories. Some utilities are simply handicapped from the start, but their game can get better, particularly in the social and governance dimensions where there are fewer legacy restrictions allowing them to exert more control.</p>
<p>The notion that there’s a continuum of sustainable behaviors isn’t widely accepted in the SRI community, although there are exceptions. The values that drive much of today’s socially responsible investing tend to be binary, exclusionary and uncompromising: Certain business activities are either right or they’re wrong; stock selections are based on negative screens; there’s rarely the recognition of the yin and yang of corporate existentialism. A more appropriate view is that all companies are capable of doing at least some good, deserve to be recognized for the good they do and incentivized as necessary to operate in more socially responsible ways. Yes, often utilities pollute, use lots of water, impinge on wildlife and human habitats and build things where they’re not wanted. But they also provide a unique life-critical product, produce electricity more efficiently than ever before with lower emissions, promote customer-facing energy conservation and demand side management, interconnect ever-increasing amounts of remote renewable generation with customer loads, and contribute socio-economically through jobs, community outreach and charitable giving.</p>
<p>When analyzed on this sustainability continuum, many utilities demonstrate solid, if not exceptional, sustainability performance. The sustainability leaders in the industry have delivered commendable results across every aspect of the TBL. On the economic dimension, they’ve maintained efficient operations, solid balance sheets and income statements, strong cash flows, sustainable dividend policies—and in the case of combination gas and electric companies, manageable levels of natural gas leak repairs and mains replacements. They’ve supported their local communities with jobs created by capital expansion, while operating in a full-disclosure, highly transparent manner.</p>
<p>On the environmental front, the sustainability leaders have managed their emissions well, acquired renewable energy resources and promoted effective customer-facing conservation, demand side management and distributed generation programs, including initial phases of smart grid implementation. Of course, some utilities benefitted from generous natural clean-energy resources, such as local hydro, wind, solar, geothermal and other renewable supplies. Some of the top-performing utilities have capitalized on these natural gifts. Many have not only maintained low levels of emissions from their own generation, but have also managed their purchased power portfolios to minimize the upstream emissions behind their purchases.</p>
<p>Being a clean generator doesn’t always tell the full story. Some utilities have excellent “own generation” emissions profiles, such as owners of nuclear capacity. This nuclear capacity is often owned by a merchant subsidiary of a holding company that also owns regulated distribution operations. The nuclear power may be sold by the merchant affiliate into the grid. On the other hand, the regulated distribution company might for various reasons be unable to buy directly from its nuclear affiliate and instead must buy from the grid to serve its retail customers. If this purchased power is generated mostly by coal, the benefit of the non-emitting nuclear generation could be significantly offset when measured at the consolidated parent company level.</p>
<p>Socially, the sustainability leaders have established policies and programs that engage their employees more actively, create more diverse employee populations, reach out to their communities, contribute to charitable causes, promote improved governance procedures and practices, and do a variety of other things that address the human side of the business. The best have also achieved higher levels of customer satisfaction and improved regulatory relations.</p>
<p>Many companies pay attention to these three pillars of TBL, but often address them independently of each other in their planning, analysis, and reporting processes. Particularly with utilities, where energy is their <i>sine qua non,</i> sustainability usually means clean or renewable or sustainable energy, and little more. The human resources and investor relations departments may manage the social or governance parts of sustainability, and the communications and public relations department may handle the development of the company’s sustainability report, but it’s rare that all three dimensions of the TBL are effectively integrated. Simply stated, integrated planning, execution and reporting for sustainability just isn’t common in the utility industry … and for that matter, it isn’t common in many other industry segments either.</p>
<h4>The Value of Sustainability</h4>
<p>Naturally, the question that’s asked time and again is, “Of what value is sustainability?” No doubt, sustainable behaviors, by definition, bring value to our world: cleaner air, resource conservation, efficiency and generally an improved human and ecological condition. But what’s important to most investors is value—dollar returns on dollars of investment, or improvements in operating efficiency and the top and bottom lines. While some skeptics remain unconvinced that investments in sustainability programs provide positive net value, academic literature and industry research generally support the thesis that there’s a return, and it’s potentially significant.</p>
<p>Some of the economic benefit comes in the form of real, bottom-line results.<sup>2</sup> Some is reflected in stock market performance<sup>3</sup> and some in benefits to the cost of capital and agency costs.<sup>4</sup> Additional benefits manifest themselves in innovation, brand value, reputation, customer satisfaction, employee engagement, improved regulatory relations, and a host of other intangible values.<sup>5</sup> Returns on sustainability investments are measured in the long term, although some event-driven analyses have shown that favorable stock market performance has almost immediately followed media releases relating to a company’s positive sustainability-related events.<sup>6 </sup></p>
<p>Surveys have also shown sustainability to be top of mind for many CEOs.<sup>7 </sup></p>
<p>A significant number of chief executives interviewed stated that sustainability is critical to the future success of their companies. They also confirmed that sustainability practices can improve the bottom line, are often reflected as intangible but nevertheless important values and provide benefits that are inherently long term in nature. Many see an urgent need to improve communication between their companies and the investment community relative to sustainability practices.<sup>8 </sup></p>
<p> </p>
<h4>High Sustainability Outperforms Low</h4>
<p>Recent analysis demonstrates a positive relationship between sustainable behaviors and long-term stock market performance. Using an integrated TBL approach to assess sustainability, Target Rock Advisors (TRA) scored and ranked 49 U.S. domiciled utilities on 12 high-level criteria and over 200 subsidiary criteria, using 10 years of actual performance <i>(see Figure 1)</i>. Based on these rankings, three sustainability groups were created: high, medium and low. Three corresponding stock market performance indexes, the High, Medium and Low Sustainability Indexes, were developed to track total returns over the last 10-year period ended Dec. 31, 2011. Figures 2 and 3 list the companies included in the High and Medium Sustainability Indexes, respectively.</p>
<p>The High Sustainability index outperformed not only the Medium Sustainability Index, but the Dow Jones Utility Average (DJUA) and Standard and Poor’s Utilities Index (SPU) as well <i>(see Figure 4)</i>. These two TRA Indexes also outperformed the TRA Low Sustainability Index, the Philadelphia Utility index, the broad Dow Jones Industrial Average, and the broader S&amp;P 500 Index. Based on these findings, historically, leaders in sustainability have produced good total returns for investors when their securities were held for a long period. Further, better stock market performance can lead to lower capital costs, which in turn can benefit customers. These results are sufficiently compelling that they should pique the interest of both utilities and their state regulatory commissions.</p>
<p>Companies in the High Sustainability Index also exhibited relatively lower price volatility, steadier dividend payout practices, and greater liquidity than the other indexes. While these observations are consistent with other literature and support the thesis that sustainability drives stock market performance, a statistically valid, cause-effect relationship between sustainability behaviors and total returns has yet to be established.</p>
<h4>Big Results</h4>
<p>So far, the value of sustainability has been discussed in terms of CEO opinions, academic and industry literature, and the comparative performance of sustainability indexes. Some of this value is quantifiable, while some is intangible but still real. The value of sustainability can also be estimated in another way, by answering the question: “If the stock price performance of the utilities within the medium sustainability index performed as well as those in the high sustainability index over the 10 years ended Dec. 31, 2011, how much would the aggregate market value of the mid sustainability utilities increase?”</p>
<p>The top end of the answer is, “On the order of $33 billion.” This outer limit assumes that all the difference in the relative performance of the two index baskets is attributable to sustainability performance, which would, of course, be extremely unlikely. Other factors influence this analysis, such as size. While the companies in the high sustainability index include a few small and mid cap companies, overall the high sustainability group comprises large cap utilities. Large cap utilities are better able to afford the upfront costs of long-term sustainability programs than mid and small cap companies and are also more likely to be under stakeholder pressure to improve sustainability-related practices. Therefore, they tend to be the sustainability leaders. Not surprisingly, the medium sustainability group contains mostly mid cap utilities. Therefore, some component of the potential $33 billion is attributable to the advantage of larger capitalizations over the period analyzed, but to say exactly how much is difficult.</p>
<p>In addition, a similar analysis of the low sustainability index produces an estimated $8 billion of incremental market cap value. That is, if the low sustainability index performed as well as the index right above it—the medium sustainability index—then the market capitalization of the low sustainability index would have been another $8 billion higher. Again, not all of this can be attributed to sustainability practices, since other variables are also influential. As with the earlier analysis, the size premium has an effect, in many cases the inverse of the positive effect described above. Further, small utilities have other unique characteristics that could inhibit their ability to mimic their higher sustainability and larger cap peers. For example, given certain market conditions, they might trade more like small cap stocks in general rather than like their larger utility industry peers. Combining the above two figures produces a top end (and probably too high) estimate of potential incremental value for the medium and low sustainability indexes of $41 billion.</p>
<p>If more conservative assumptions are adopted and the analysis is controlled for company size, the incremental market value predicted over the 10 years for the low- and medium- sustainability groups combined—assuming they achieved the same level of stock price performance as the medium and high groups, respectively—is approximately $8 billion vs. the top-end estimate of $41 billion. Thus, the total market cap benefit of good utility sustainability practices could fall somewhere between a floor of $8 billion and a high-end of $41 billion based on performance over the last 10 years. This represents between 2 percent and 9 percent of the total market capitalization for the combined 49 companies in the three Target Rock indexes. While the precision of these estimates needs to be understood in the context of their assumptions and shortcomings, they do provide an earnest and informed first-of-kind effort to place gross boundaries around the potential utility industry-wide value of sustainability as measured by market capitalization metrics.</p>
<h4>The Future</h4>
<p>The potential growth of SRI assets under management to approximately $9 trillion by 2015 will create a huge demand for investments in companies that qualify as being sustainable and socially responsible. Utilities will need to be better understood as potentially truly sustainable enterprises by the SRI community if investors are to take advantage of this trend. For its part, the industry will need to engage in active educational outreach to the financial community and regulators and approach sustainability planning with more systematic and integrated TBL considerations. In turn, SRI fund managers would benefit from a more nuanced understanding of the sector and the relaxation of some of the more rigid, values-based screening criteria. A better understanding of the sector would enable SRI fund managers to identify utilities at the higher end of the sustainability continuum that could be sound investments faithful to sustainability principles. Inclusion, rather than exclusion, of utilities in SRI portfolios is far more likely to create SRI analyst interest, expand stakeholder interaction and induce utilities to modify behaviors in constructive ways, to say nothing about unmasking potentially billions of dollars of sustainability value within the U.S. utility equities markets.</p>
<p> </p>
<h4>Endnotes:</h4>
<p>1. Robeco, Booz &amp; Co., “Responsible Investing: A Paradigm Shift from Niche to Mainstream,” 2008.</p>
<p>2. Estey, Daniel C and Winston, Andrew S., “Green to Gold,” <i>Yale University Press,</i> New Haven, Conn., 2006.</p>
<p>3. Eccles, R., Ioannou, I., and Serafeim, G., “The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance,” Harvard Business School, Working Paper 12-035, November 2011; Mahler, Daniel, et al. “Green Winners: The Performance of Sustainability-focused CompatDuring the Financial Crisis,” A.T. Kearney, 2009.</p>
<p>4. Cheng, B., Ioannou, I., and Serafeim, G. “Corporate Social Responsibility and Access to Finance,” Harvard Business School, Working Paper, Series 11-130, 2011.</p>
<p>5. Nidumolu, R., Prahalad, C. K., and Rangaswami, M. R. “Why Sustainability is Now the Key Driver of Innovation.” <i>Harvard Business Review,</i> 2009.</p>
<p>6. Lyon, T. P., and Shimshack, J. P. “Environmental Dislcosure: Evidenc from Newsweek’s Green Companies Ranking,” University of Michigan, 2011.</p>
<p>7. “Six Growing Trends in Corporate Sustainability,” Ernst &amp; Young, GreenBiz Group, EYGM Limited, March 2012.</p>
<p>8. Accenture, U.N. Global Compact. <i>A New Era of Sustainability in the Utilities Industry.</i> Accenture, 2010.</p>
</div></div></div><div class="field-collection-container clearfix"><div class="field field-name-field-sidebar field-type-field-collection field-label-above"><div class="field-label">Sidebar:&nbsp;</div><div class="field-items"><div class="field-item even"><div class="field-collection-view clearfix view-mode-full field-collection-view-final"><div class="entity entity-field-collection-item field-collection-item-field-sidebar clearfix">
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<div class="field field-name-field-sidebar-title field-type-text field-label-above"><div class="field-label">Sidebar Title:&nbsp;</div><div class="field-items"><div class="field-item even">Measuring Your Footprint</div></div></div><div class="field field-name-field-sidebar-body field-type-text-long field-label-above"><div class="field-label">Sidebar Body:&nbsp;</div><div class="field-items"><div class="field-item even"><!--smart_paging_autop_filter--><!--smart_paging_filter--><p>Generation and purchased power make up by far the largest components of a utility’s emissions footprint and TBL, so they’re worth a closer look. But it can be tricky to measure these footprints when a company owns both merchant generation and regulated distribution.</p><p>Take a company that owns non-regulated nuclear generation with very low emissions. It appears to be arguably green. But the merchant generator might sell little if any of the clean nuclear generation directly to its regulated distribution affiliate; rather it might sell its power into the grid, or the wholesale markets. The regulated distribution company, on the other hand, might generate little if any electricity for its native load and must, therefore, acquire the power it needs in the wholesale market to satisfy its retail customers.</p><p>When the distribution company buys power on the open market—notwithstanding bi-lateral contracts—it effectively purchases a basket of power, only a portion of which might include the nuclear generation from its affiliate. This basket is a mix of power that comes from all the generators in that market regardless of the upstream fuels used to produce it. In some cases, this mix could include a significant proportion of high-emissions coal.</p><p>When the emissions footprints of the two affiliated companies are combined at the parent level—<i>i.e.</i>, low-emitting nuclear plus the potentially higher-emitting purchased power—the consolidated emissions profile could be far worse than for self-generated power. In this article, the analytical process supporting sustainability scores and rankings considers emissions from both owned generation and the upstream sources of purchased power.–<em><strong><span><span class="bolditalic">RD and KR</span> </span></strong></em></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p></div></div></div> </div>
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<div class="field-label">Tags:&nbsp;</div>
<div class="field-items">
<a href="/tags/socially-responsible-investment">Socially responsible investment</a><span class="pur_comma">, </span><a href="/tags/sri">SRI</a><span class="pur_comma">, </span><a href="/tags/values-based-decision-making">Values-based decision-making</a><span class="pur_comma">, </span><a href="/tags/sustainability">Sustainability</a><span class="pur_comma">, </span><a href="/tags/target-rock-advisors">Target Rock Advisors</a><span class="pur_comma">, </span><a href="/tags/tra">TRA</a><span class="pur_comma">, </span><a href="/tags/triple-bottom-line">Triple bottom line</a><span class="pur_comma">, </span><a href="/tags/tbl">TBL</a><span class="pur_comma">, </span><a href="/tags/esg">ESG</a><span class="pur_comma">, </span><a href="/tags/environmental">Environmental</a><span class="pur_comma">, </span><a href="/tags/social">Social</a><span class="pur_comma">, </span><a href="/tags/governance">Governance</a><span class="pur_comma">, </span><a href="/tags/innovation">Innovation</a><span class="pur_comma">, </span><a href="/tags/brand-value">Brand value</a><span class="pur_comma">, </span><a href="/tags/reputation">Reputation</a><span class="pur_comma">, </span><a href="/tags/customer-satisfaction">Customer satisfaction</a><span class="pur_comma">, </span><a href="/tags/employee-engagement">Employee engagement</a><span class="pur_comma">, </span><a href="/tags/regulatory-relations">Regulatory relations</a><span class="pur_comma">, </span><a href="/tags/dow-jones">Dow Jones</a><span class="pur_comma">, </span><a href="/tags/djua">DJUA</a><span class="pur_comma">, </span><a href="/tags/standard-and-poor%E2%80%99s">Standard and Poor’s</a><span class="pur_comma">, </span><a href="/tags/spu">SPU</a><span class="pur_comma">, </span><a href="/tags/philadelphia-utility">Philadelphia Utility</a><span class="pur_comma">, </span><a href="/tags/sempra-energy">Sempra Energy</a><span class="pur_comma">, </span><a href="/tags/xcel-energy">Xcel Energy</a><span class="pur_comma">, </span><a href="/tags/pge">PG&amp;E</a><span class="pur_comma">, </span><a href="/tags/edison-international">Edison International</a><span class="pur_comma">, </span><a href="/tags/avista">Avista</a><span class="pur_comma">, </span><a href="/tags/pinnacle-west">Pinnacle West</a><span class="pur_comma">, </span><a href="/tags/southern-company">Southern Company</a><span class="pur_comma">, </span><a href="/tags/american-electric-power">American Electric Power</a><span class="pur_comma">, </span><a href="/tags/aep">AEP</a><span class="pur_comma">, </span><a href="/tags/entergy">Entergy</a><span class="pur_comma">, </span><a href="/tags/duke-energy">Duke Energy</a><span class="pur_comma">, </span><a href="/tags/unitil">Unitil</a><span class="pur_comma">, </span><a href="/tags/progress-energy">Progress Energy</a><span class="pur_comma">, </span><a href="/tags/idacorp">IDACORP</a><span class="pur_comma">, </span><a href="/tags/wisconsin-energy">Wisconsin Energy</a><span class="pur_comma">, </span><a href="/tags/nextera-energy">NextEra Energy</a><span class="pur_comma">, </span><a href="/tags/nv-energy">NV Energy</a><span class="pur_comma">, </span><a href="/tags/public-service-enterprise-group">Public Service Enterprise Group</a><span class="pur_comma">, </span><a href="/tags/pseg-0">PSEG</a><span class="pur_comma">, </span><a href="/tags/exelon">Exelon</a><span class="pur_comma">, </span><a href="/tags/allete">Allete</a><span class="pur_comma">, </span><a href="/tags/northeast-utilities">Northeast Utilities</a><span class="pur_comma">, </span><a href="/tags/dominion-resources">Dominion Resources</a><span class="pur_comma">, </span><a href="/tags/consolidated-edison">Consolidated Edison</a><span class="pur_comma">, </span><a href="/tags/pepco-holdings">Pepco Holdings</a><span class="pur_comma">, </span><a href="/tags/central-vermont-public-service">Central Vermont Public Service</a><span class="pur_comma">, </span><a href="/tags/unisource-energy">UniSource Energy</a><span class="pur_comma">, </span><a href="/tags/el-paso-electric">El Paso Electric</a><span class="pur_comma">, </span><a href="/tags/alliant-energy">Alliant Energy</a><span class="pur_comma">, </span><a href="/tags/great-plains-energy">Great Plains Energy</a><span class="pur_comma">, </span><a href="/tags/hawaiian-electric">Hawaiian Electric</a><span class="pur_comma">, </span><a href="/tags/scana">SCANA</a><span class="pur_comma">, </span><a href="/tags/ppl">PPL</a><span class="pur_comma">, </span><a href="/tags/empire-district">Empire District</a><span class="pur_comma">, </span><a href="/tags/teco-energy">TECO Energy</a><span class="pur_comma">, </span><a href="/tags/ameren">Ameren</a> </div>
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Fri, 01 Jun 2012 04:00:00 +0000puradmin14599 at http://www.fortnightly.com